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slparkay · Joined: 10 Mar 2010 Posts: 2 1.69 Dollars($)

My husband and I would like to purchase a new house built from the ground up and that is larger than our current one. We filed bankruptcy in 2003 and it was discharged the same year. We both have secure jobs but have some credit cards we want to pay off before we move in. We pay more than the minimum on all the accounts and on time. What advice could you give us to help pay off the cards quickly? Also, would the previous bankruptcy affect our chances adversely on qualifying for a new mortgage loan?

smithsussane · Posted: Wed Mar 10, 2010 9:15 pm Post subject:

Hi slparkay!

Welcome to forums!

It is good to note that you pay more than minimum on all the credit cards in order to pay them off and you're on time with your payments. I think you should keep on paying extra on your cards to pay them as quickly as possible.

It is around 7 years that you had filed bankruptcy. I don't think it would affect your chances for getting a mortgage on your new property. What type of credit score do you have? If you're looking for conventional loan, then you would require a score of 720.

Feel free to ask if you've further queries.

Sussane

gmakerley · Posted: Thu Mar 11, 2010 3:10 pm Post subject:

the bankruptcy at this point ought not to even enter into the overall picture. assuming that you've handled the required payments on your cards and any other debt you have since then, your scores ought to be sufficiently high to allow you to qualify. then it's a matter, of course, of your income and assets. sussane is right about conventional loans, and if you don't have a score that high, an fha loan is a good alternative, as the score requirements are quite a bit lower.

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